About 20 Trillion Won Financial Support for Small Businesses Affected by COVID-19 Until the End of Last Month

[Asia Economy Reporter Kim Hyo-jin] Since the government announced financial support measures in response to the spread of the novel coronavirus infection (COVID-19) on February 7, approximately 20 trillion won has been provided to affected small business owners and medium-sized and small enterprises as of the end of last month.

According to the Financial Services Commission on the 4th, a total of 206,000 cases of financial support amounting to about 19.9 trillion won were made during this period. Of this, 9.3 trillion won was provided through policy financial institutions, and 10.6 trillion won through private financial companies.

New loans and guarantee support accounted for 9.1 trillion won, while maturity extensions and repayment deferrals for existing funds amounted to 9.9 trillion won. Additionally, 800 billion won was provided through export-import finance (letters of credit), interest and delinquency fee discounts, and deferred credit card payment settlements.

Support for small business owners and self-employed individuals totaled 9.2 trillion won, while support for small and medium-sized enterprises was 10.6 trillion won. By industry, support for the restaurant sector was the highest at 24%.

Provided by the Financial Services Commission